Magna Gets Greenlight For Reorganization Plan

Law360, New York (April 27, 2010, 2:38 PM EDT) -- A federal judge has approved Magna Entertainment Corp.'s reorganization plan, paving the way for the bankrupt racetrack owner to sell two horse racing sites in Maryland and pay its unsecured creditors about $130 million.

Judge Mary F. Walrath of the U.S. Bankruptcy Court for the District of Delaware approved the plan from the bench on Monday, less than a month after signing off on Magna's disclosure statement.

The plan — which calls for Magna to auction off Maryland horse racing tracks Laurel Park and Pimlico —...
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